NEW YORK, Aug. 17 /PRNewswire/ -- U.S. Timberlands Company, L.P. (Nasdaq: TIMBZ) today announced cash flow and operating results for the quarter ended June 30, 2001. Cash flow for the second quarter of 2001, as measured by EBITDDA, was $2.2 million, or $0.17 per unit, compared to cash flow of $18.7 million, or $1.43 per unit, for the same period in 2000. EBITDDA is defined as operating income plus depletion, depreciation, road amortization and cost of timber and property sales. The Company reported that its net loss for the second quarter of 2001 was $8.5 million, or $0.66 per unit, as compared to net income of $5.0 million, or $0.39 per unit, for the same period in 2000. Revenues for the second quarter of 2001 decreased to $7.3 million as compared with $24.0 million for the same period in 2000. Cash flow in the first six months of 2001, as measured by EBITDDA, decreased to $3.7 million, or $0.28 per unit, compared to cash flow of $26.1 million, or $1.99 per unit, for the same period in 2000. The Company reported a net loss for the first six months of $17.2 million, or $1.34 per unit, as compared with net income of $3.3 million, or $0.25 per unit for the same period in 2000. Revenues for the first six months of 2001 were $16.8 million compared with $35.9 million for the same period in 2000. U.S. Timberlands Company, L.P. and its affiliate, own 670,000 fee acres of timberland and cutting rights on 3,700 acres of timberland containing total merchantable timber volume estimated to be approximately 2.3 billion board feet in Oregon and Washington, east of the Cascade Range. U.S. Timberlands specializes in the growing of trees and the sale of logs and standing timber. Logs harvested from the timberlands are sold to unaffiliated domestic conversion facilities. These logs are processed for sale as lumber, molding products, doors, millwork, commodity, specialty and overlaid plywood products, laminated veneer lumber, engineered wood I-beams, particleboard, hardboard, paper and other wood products. These products are used in residential, commercial and industrial construction, home remodeling and repair and general industrial applications as well as a variety of paper products. U.S. Timberlands also owns and operates its own seed orchard and produces approximately five million conifer seedlings annually from its nursery, approximately half of which are used for its own internal reforestation programs, with the balance sold to other forest products companies. Certain information discussed in this press release may constitute forward-looking statements within the meaning of the Federal securities laws. Although U.S. Timberlands believes that expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. Forward-looking information is subject to certain risks, trends, and uncertainties that could cause actual results to differ materially from those projected. Such risks, trends and uncertainties include the highly cyclical nature of the forest products industry, economic conditions in export markets, the possibility that timber supply could increase if governmental, environmental or endangered species policies change, and limitations on U.S. Timberlands' ability to harvest its timber due to adverse natural conditions or increased governmental restrictions. For a more complete description of factors, which could impact U.S. Timberlands and the statements contained herein, reference should be made to U.S. Timberlands' filings with the United States Securities and Exchange Commission.